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France unveils 3% additional income tax for super-rich

French prime minister François Fillon on Wednesday unveiled an austerity plan seeking to reduce the country’s budget deficit by €11bn ($15.9bn) next year, including a 3% income tax rise for those earning in excess of €500,000 per annum.

The additional levy on the super-rich takes the top rate to 44%, and is estimated to generate €200m annually. Fillon promised to roll back the hike once the French fiscal deficit falls to 3%, the official ceiling under eurozone treaties. President Nicolas Sarkozy’s administration hopes to attain the 3% target in 2013.